Household Survey indicates a downward revision for the already-miserable March payroll number

Only 34,000 jobs were added in March, according to the Household Survey. 96,000 Americans, meanwhile, left the labor force. The Labor Force Participation Rate has fallen back to post-1978 lows. Given the implosion of the BLS’ January and February data with a 69,000 downward revision, the huge discrepancy between the Household and the Establishment surveys suggests that the March payroll number might be revised downward, miserable as it already is.